The National Association of Insurance Commissioners’ (NAIC) Big Data and Artificial Intelligence (H) Working Group released a request for information (RFI) to explore the potential drafting of a model law to regulate insurers’ use of artificial intelligence (AI) systems. The RFI asks stakeholders to provide comments on whether uniform statutory requirements for AI are needed in the insurance industry.
In December 2023, the National Association of Insurance Commissioners (NAIC) adopted a Model Bulletin on the Use of Artificial Intelligence (AI) Systems by Insurers. The model bulletin reminds insurance carriers that they must comply with all applicable insurance laws and regulations (e.g., prohibitions against unfair trade practices) when making decisions that impact consumers, including when those decisions are made or supported by advanced technologies, such as AI systems. To date, 11 states have adopted the model bulletin, thereby applying the standards to insurers that operate in the states.
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